Sports Direct empire expands again as it salvages Jack Wills
Distressed clothing retailer Jack Wills has been rescued from administration following the acquisition of business and assets by Sports Direct for £12.75m.
Sports Direct empire expands again with Jack Wills acquisition
The deal will see the retail giant, whose subsidiaries include Lillywhites, Kangol, and Hargreaves, acquire all Jack Wills stores across the British Isles as well as the rights to the international brand.
Before the appointment of administrators, Jack Wills reported an operating loss (before exceptional items) of £14.2m with assets of £99m from which it made a net profit (after exceptional items) of £19.2m.
Suzanne Harlow, chief executive of Jack Wills, said: “For the past year, we have been focused on improving the Jack Wills proposition and the group’s financial performance. Despite significant progress, the challenging trading environment led us to conclude that the company’s long-term future would be best served as part of a larger group and Sports Direct will enable us to do this.”
Mike Ashley’s intervention follows similar purchases of House of Fraser and Game Digital as the tycoon capitalises on High Street troubles to increase market share.
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Sports Direct
Sports Direct International plc is a British retailing group. Established in 1982 by Mike Ashley, the company is the United Kingdom's largest sports-goods retailer...
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